ICI’s financial results show solid performance

KARACHI: ICI Pakistan Ltd in its financial results for the quarter and six months ended December 31, 2016 showed continues solid performance in line with its growth aspirations.

Unconsolidated profit after tax for the six months, at Rs 1,536 million, is 18% higher than the same period last year, with earnings per share at Rs 16.63, a news release of the company said here on Wednesday.

An interim dividend at the rate of 80% i.e. Rs 8 per share has been declared by the Board of Directors of the company.

Operating result for the six months, at Rs 1,934 million, is 17% higher than during the same period last year, owing to improved performance in the Polyester, Life Sciences and Chemicals Businesses.

The improved performance of the Polyester business is attributed to better domestic margins, along with cost rationalisation initiatives which reduced the Business’s overall operating cost by 2%.

In the Life Sciences Business, both Pharmaceutical and Animal Health Divisions posted double-digit growth.

Net turnover for the six months at Rs 19,638 million translated into a 9% increase over last year, and while all Businesses showed a positive trend in this respect, the Life Sciences and Polyester Businesses were the major contributors, with growth of 21% and 7% respectively.

ICI Pakistan Ltd’s results for the half year demonstrate a continued drive for improved performance. Alongside strong financial performance, the company maintains its focus on fulfilling customer needs and exploring opportunities for growth, both organic and inorganic.

This is evidenced by recent developments including the acquisition of Cirin Pharmaceutical Private Limited, as well as the signing of a Shareholders’ Agreement with joint venture partners, Morinaga Milk Industry Company Ltd and Unibrands Private Ltd.